Episode 14: Private Equity LOVES the Trades. Here’s How to Prepare If/When They Come Knocking
Guest: Frank Heneghan (Heneghan Services)
Private equity is showing up fast in the trades—but most owners don’t really understand how it works, what buyers are actually looking for, or how deals can unravel late in the process. In this episode, Frank Henigan shares real, firsthand experience after going through a full private equity cycle: 30 buyers, 7 offers, and ultimately walking away from the deal when it no longer made sense.
Episode 14: Private Equity LOVES the Trades. Here’s How to Prepare If/When They Come Knocking
Guest: Frank Heneghan (Heneghan Services)
Private equity is showing up fast in the trades—but most owners don’t really understand how it works, what buyers are actually looking for, or how deals can unravel late in the process. In this episode, Frank Henigan shares real, firsthand experience after going through a full private equity cycle: 30 buyers, 7 offers, and ultimately walking away from the deal when it no longer made sense.
You’ll learn:
- What private equity really looks like in the trades (and why it’s so active right now)
- How buyers value trades businesses (and why EBITDA matters more than revenue)
- Why recurring services are gold to PE firms (and why project work often gets discounted)
- What a broker actually does (and why you don’t want to go it alone)
- What the due-diligence and “data room” process is really like behind the scenes
- Common tactics buyers use to chip away at valuation late in the process
- How to prepare your business years in advance if you want maximum leverage
- When it’s smart to say no (and why walking away can be the right move)
Episode links: